Iondrive has secured $2 million in funding to advance its innovative battery recycling technology, offering a more sustainable solution for lithium-ion batteries.

This marks the company's first capital raising since acquiring londrive Technologies last year, demonstrating its commitment to a greener future.

The funding, supported by existing major shareholders, will be used to finalise a pre-feasibility study and pave the way for a pilot plant. The technology, developed in partnership with the University of Adelaide, aims to address the limitations of traditional recycling methods, which can be inefficient, hazardous, and expensive.

londrive's approach uses a patented closed-loop process with organic solvents to recover critical components like lithium, nickel, cobalt, and manganese from battery waste. This environmentally friendly method avoids high temperatures and corrosive acids, resulting in a significantly smaller environmental footprint compared to conventional processes.

The company has completed successful large-scale bench trials at the University of Adelaide, with final verification underway. These results, expected next month, are crucial for designing and modelling the pilot plant.

While focused on battery recycling, londrive retains its exploration portfolio from its previous incarnation as Southern Gold. This includes gold-silver-copper projects in South Korea and lithium projects in the region.

Iondrive is actively exploring collaborations with potential industrial partners to further de-risk its strategy. This includes options like licensing agreements and toll manufacturing to ensure the most efficient and profitable path to market.

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Source: Business News Australia